Goldman Sachs 'comfortable with structure'

1 July 2010

Goldman Sachs' president and chief operating officer Gary Cohn has said he is happy with the way the company is set up, but admitted some shortcomings in the firm's management of reputational risks.

Speaking to Bloomberg after he testified at the Financial Crisis Inquiry Commission (FCIC) hearing in Washington DC, Mr Cohn conceded that Goldman could have done a better job of handling its reputation during the credit crisis.

"With hindsight, I know a lot more today than I did back then," he told the news provider.

Mr Cohn also suggested the investment banking firm will wait for the new US financial reforms to pass the Senate before making any organizational changes.

"At this point we are perfectly comfortable with the way we are structured," he added.

Several Goldman executives have been asked to testify at the FCIC's two-day hearing into the role of derivatives trading in the credit crisis, with the inquiry looking into the relationship between the bank and bailed-out insurer AIG.

By Claire Archer

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